Curtis Medical Investments (Letchworth) Limited 31/12/2022 iXBRL

CURTIS MEDICAL INVESTMENTS (LETCHWORTH) LIMITED - Company Information

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Company registration number: 04165193

Curtis Medical Investments (Letchworth) Limited

Unaudited filleted financial statements

31 December 2022

Curtis Medical Investments (Letchworth) Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Statement of changes in equity

Notes to the financial statements

Curtis Medical Investments (Letchworth) Limited

Directors and other information


Directors	Mr M Hill	(Resigned 3 May 2022)
	Dr M A Slattery
	Mr M W Seaman-Hill
	Mr J J Hill


Company number	04165193


Registered office	First Floor Offices
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ
	Chartered Accountants and Statutory Auditors


Accountants	Hicks and Company
	Chartered accountants
	First Floor
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ




	Bankers	HSBC
		1 Market Place
		Hitchin
		Hertfordshire
		SG5 1DR

Curtis Medical Investments (Letchworth) Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Curtis Medical Investments (Letchworth) Limited

Year ended 31 December 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Curtis Medical Investments (Letchworth) Limited for the year ended 31 December 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Curtis Medical Investments (Letchworth) Limited, as a body, in accordance with the terms of our engagement letter dated 25 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Curtis Medical Investments (Letchworth) Limited and state those matters that we have agreed to state to the board of directors of Curtis Medical Investments (Letchworth) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Curtis Medical Investments (Letchworth) Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Curtis Medical Investments (Letchworth) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Curtis Medical Investments (Letchworth) Limited. You consider that Curtis Medical Investments (Letchworth) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Curtis Medical Investments (Letchworth) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Hicks and Company

Chartered accountants

First Floor

99 Bancroft

Hitchin

Hertfordshire

SG5 1NQ

25 September 2023

Curtis Medical Investments (Letchworth) Limited

Statement of financial position

31 December 2022

		2022		2021
	Note	£	£	£	£

Fixed assets
Tangible assets	6	875,000		975,000
		_______		_______
			875,000		975,000

Current assets
Debtors	7	7,362		5,085
Cash at bank and in hand		22,824		33,065
		_______		_______
		30,186		38,150
Creditors: amounts falling due
within one year	8	( 105,120)		( 111,522)
		_______		_______
Net current liabilities			( 74,934)		( 73,372)
			_______		_______
Total assets less current liabilities			800,066		901,628

Creditors: amounts falling due
after more than one year	9		( 298,173)		( 340,326)

Provisions for liabilities			-		( 848)

			_______		_______
Net assets			501,893		560,454
			_______		_______

Capital and reserves
Called up share capital			100		100
Fair value reserve			102,218		201,370
Profit and loss account			399,575		358,984
			_______		_______
Shareholders funds			501,893		560,454
			_______		_______

For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 25 September 2023 , and are signed on behalf of the board by:

Mr J J Hill

Director

Company registration number: 04165193

Curtis Medical Investments (Letchworth) Limited

Statement of changes in equity

Year ended 31 December 2022

	Called up share capital	Fair value reserve	Profit and loss account	Total
	£	£	£	£


At 1 January 2021	100	201,370	325,960	527,430

(Loss)/profit for the year			33,024	33,024
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	33,024	33,024

	_______	_______	_______	_______
At 31 December 2021 and 1 January 2022	100	201,370	358,984	560,454

(Loss)/profit for the year			( 58,561)	( 58,561)
Other comprehensive income for the year:
Fair value adjustment to investment property	-	( 100,000)	100,000	-
Tax relating to components of other comprehensive income		848	( 848)	-
	_______	_______	_______	_______
Total comprehensive income for the year	-	( 99,152)	40,591	( 58,561)

	_______	_______	_______	_______
At 31 December 2022	100	102,218	399,575	501,893
	_______	_______	_______	_______

Curtis Medical Investments (Letchworth) Limited

Notes to the financial statements

Year ended 31 December 2022

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover

Turnover represents the rents of properties and recharged expenses which are included on an accruals basis excluding value added tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 4 ).

5. Administrative expenses

Included in administrative expenses is fair value adjustments to investment property of £100,000.

6. Tangible assets

	Long leasehold investment property	Total
	£	£
Cost or valuation
At 1 January 2022	975,000	975,000
Revaluation	( 100,000)	( 100,000)
	_______	_______
At 31 December 2022	875,000	875,000
	_______	_______
Depreciation
At 1 January 2022 and 31 December 2022	-	-
	_______	_______
Carrying amount
At 31 December 2022	875,000	875,000
	_______	_______
At 31 December 2021	975,000	975,000
	_______	_______

Investment property

The fair value of the long leasehold investment property has been arrived at on the basis of a valuation carried out by the directors of the company . The valuation was made on an open market value basis for existing use on 31 December 2022.

Tangible assets held at valuation

In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:


	Long leasehold investment property	Total
	£	£
At 31 December 2022
Aggregate cost	772,782	772,782
Aggregate depreciation	-	-
	_______	_______
Carrying amount	772,782	772,782
	_______	_______

At 31 December 2021
Aggregate cost	772,782	772,782
Aggregate depreciation	-	-
	_______	_______
Carrying amount	772,782	772,782
	_______	_______

7. Debtors

	2022	2021
	£	£
Insurance arrears	1,834	436
Other debtors	5,528	4,649
	_______	_______
	7,362	5,085
	_______	_______

8. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loan (secured)	42,153	39,564
Rent and insurance in advance	18,834	22,500
Corporation tax	9,421	7,624
Social security and other taxes	4,792	4,683
Other creditors	29,920	37,151
	_______	_______
	105,120	111,522
	_______	_______

9. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loan (secured)	298,173	340,326
	_______	_______

The bank loan is secured by a first charge over the long leasehold investment property.

10. Directors advances, credits and guarantees

	Balance brought forward and o/standing	Balance brought forward and o/standing
	2022	2021
	£	£
Dr M A Slattery	11,000	11,000
	_______	_______

The above loan is unsecured, interest free and repayable within five years of signing the agreement.

11. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value		Balance owed to
	2022	2021	2022	2021
	£	£	£	£
Dr M A Slattery - Interest payable	( 550)	550	-	550
Curtis Medical Investments Limited - Interest payable	( 550)	550	-	550
	_______	_______	_______	_______

Included in other creditors are amounts due to businesses in which certain directors have an interest:Messrs John Shilcock £Nil (2021 £6,000)The above loan was unsecured, interest free and repayable on demand. Curtis Medical Investments Limited £ 11,000 (2021 £ 11,000 )The above loan was unsecured, interest free and repayable within five years of signing the agreement.